Marginal note:Effect of revocation

479. On the day specified in the order under subsection 478(1), sections 474 and 475 cease to apply to the central.

Marginal note:Transitional

480. For the purposes of this Act, a central cooperative credit society to which section 92 of the former Act applied immediately before the coming into force of this section is deemed to be a central cooperative credit society for which an order has been made under subsection 473(1).

Definition of “Corporation”

481. In this Part, “Corporation” means the Canada Deposit Insurance Corporation established by the Canada Deposit Insurance Corporation Act.

Marginal note:Loans to associations

• 482. (1) The Corporation, where it is satisfied that an association has substantially exhausted the sources of funds reasonably available to it, may, out of amounts advanced to the Corporation pursuant to section 485, make short term loans to the association, to enable the association to meet the requirements for liquid funds needed to discharge its maturing debt obligations.

• Marginal note:Loans to deposit protection agencies

  (2) The Corporation may also, with the approval of the Governor in Council, make short term loans to a deposit protection agency to enable it to meet its requirements for liquid funds for its operations.

Marginal note:Term of loan and conditions

• 483. (1) The maximum term of a loan made under section 482 is six months, the loans shall bear interest at a rate that, in the opinion of the Corporation, is higher than the rate at which such a loan could otherwise be obtained by the association or deposit protection agency and the loan shall be subject to such other conditions, including conditions respecting security for the loan, as the Corporation deems advisable.

• Marginal note:Renewal

  (2) The loan referred to in subsection (1) may be renewed for a term or terms, each of which shall not exceed six months, at a rate of interest determined in the manner described in subsection (1) and subject to the other conditions on which it was originally made, or any other conditions that the Corporation deems advisable.

Marginal note:Information to be available to the Corporation

• 484. (1) The Corporation, in relation to the exercise of its powers under this Part, is entitled to review all information obtained by the Superintendent by or in respect of an association or deposit protection agency pursuant to this Act.

• Marginal note:Powers of Superintendent

  (2) The Superintendent shall, notwithstanding any other Act of Parliament, at the request of the Corporation,

  • (a) examine the affairs of an association or deposit protection agency to which a loan has been made under this section or whose application for a loan is being considered; and

  • (b) obtain information relating to an association or deposit protection agency that can be reasonably obtained pursuant to this Act.

• Marginal note:Report

  (3) Where, pursuant to sections 442 and 443, the Superintendent makes a report to the Minister in relation to an association, the Superintendent shall send a copy thereof to the Corporation and shall advise the Corporation of any action taken by the Minister as a consequence of the report.